Good Afternoon Traders, ForexFargo checking back in.
Today, our analysis is a continue of our previous post regarding AUDCAD falling down.
As price approaches our Support Level of 0.94500, I see an opportunity to buy this pair as it has been in Heavy Consolidation between support and resistance weekly levels.
My resistance level is set for 0.95750.
I am waiting for the market to give me a clear indication around the Support Level, so I am stalking this pair like a hawk and waiting for my entry positions.
I have not placed the trade at the moment, HOWEVER, when there is confirmation in my direction I will set my trade as follows.
Entry @ Support Level of 0.94500
Stop Loss @ 0.94300
Take Profit @ 0.95750
This is a 5:1 RR Ratio.
As always please leave any feedback, positive or negative!
GOOD TRADING!
-ForexFargo
Today, our analysis is a continue of our previous post regarding AUDCAD falling down.
As price approaches our Support Level of 0.94500, I see an opportunity to buy this pair as it has been in Heavy Consolidation between support and resistance weekly levels.
My resistance level is set for 0.95750.
I am waiting for the market to give me a clear indication around the Support Level, so I am stalking this pair like a hawk and waiting for my entry positions.
I have not placed the trade at the moment, HOWEVER, when there is confirmation in my direction I will set my trade as follows.
Entry @ Support Level of 0.94500
Stop Loss @ 0.94300
Take Profit @ 0.95750
This is a 5:1 RR Ratio.
As always please leave any feedback, positive or negative!
GOOD TRADING!
-ForexFargo
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Trade had gotten closed manually once I realized after the AUD news came out negatively so exited the trade. Didn't expect that much of a drop though. Gives us potential for next week to make some pips.